Currency Exchange System and Methodology

ABSTRACT

A method of facilitating the dispensing of foreign currency from a foreign ATM to a user traveling in a foreign country wherein a system provider establishes a system home account and system foreign accounts each funded by deposit of the corresponding local currencies by users of the system.

This application is a continuation-in-part application of U.S. Non-Provisional patent application Ser. No. 15/455,500, filed Mar. 10, 2017, claiming the benefit of U.S. Provisional Patent Application Ser. No. 62/306,313, filed on Mar. 10, 2016, the disclosure of which is incorporated herein by reference.

BACKGROUND OF THE INVENTION

This application relates generally to the field of currency exchange systems for the exchange of one currency for the currency of another nation, and more particularly relates to such systems wherein foreign currencies are obtainable by travelers from automatic teller machines (ATM's) of participating entities.

Obtaining foreign currencies for a trip to another country may currently be accomplished through several systems. In one system the individual buys foreign currencies prior to entering the foreign country, such as at a kiosk located for example in an airport terminal. This necessitates carrying significant amounts of currency, which increases the chance of losing the currency through misplacement or theft. In addition, this option is not available once the traveler has left the airport, except at off-airport exchange entities with unlimited hours of operation. Another system involves purchasing the currency at a foreign bank upon arrival. This requires the traveler to carry large amounts of currency from the country of origin, to purchase traveler checks prior to departure, with the attached surcharge, or to utilize a credit card at the foreign bank. The transaction at the foreign bank will entail fee surcharges, possibly including credit card exchange rate fees, and will require a time expenditure. The transactions must occur during bank operating hours. Still another system involves the use of a credit card at foreign ATM's. Fee surcharges are typically added, and this system requires a physical card, which may be lost or stolen. It is also known to establish a foreign currency account in a bank in the home country, which then issues the traveler a debit card for use in the foreign ATM's. The problem with this system is that very few banks offer this option, the account must be set up well in advance of the trip, and opening the account is typically a complicated process usually requiring in person interaction with bank personnel, rendering it virtually impossible for individuals living in areas not services by a particular offering bank.

It is an object to provide a currency exchange system that addresses the problems associated with the known systems, wherein the system involves the use of a mobile app defining a virtual debit card, the transactions being accomplished via near frequency communication (NFC) between the user's smartphone and a foreign ATM. The traveler is able to immediately establish a foreign currency account through the mobile app and is able to immediately withdraw foreign currency from a foreign ATM.

It is a further object to provide a system wherein the system provider establishes actual foreign accounts in foreign banks, the accounts funded in the foreign bank by participating users in the foreign country by deposits of the foreign currency into the system foreign account. The home user establishes a home token account in the system home account maintained by the system provider by depositing home currency into the system home account, which is then credited in the form of virtual tokens to the home user token account, the tokens representing the right to convert the home currency into foreign currencies within the foreign country. To obtain foreign currency from a foreign ATM, the home user requests and receives a virtual debit card in the desired amount of foreign currency by spending the required amount of tokens from the home token account, the amount calculated at the prevailing exchange rate at the time of creation of the virtual debit card. The virtual debit card, operational with a smartphone, is then used at the foreign ATM to obtain an amount of foreign currency less than or equal to the amount of foreign currency present in the virtual debit card, the foreign currency being withdrawn from the system foreign account in the foreign bank.

The system eliminates time constraints and location limitations for the establishment of a foreign currency account for the exchange of currency, provides a secure exchange process while reducing the risk of needing to carry large sums. The system will also enable the user to carry out exchanges in multiple currencies, provide a means for payment of point of sale purchases with a virtual debit card instead of a credit card, allow the user to deposit surplus currency into a local ATM for credit back into the user's foreign currency account, eliminate the need for an actual debit/credit card, provide a lower rate of transaction fees than possible through brick-and-mortar systems, provide an SSL secured website and mobile platform, and/or be compliant with regulations concerning privacy, money laundering, the Patriot Act and the Intelligence Reform & Terrorism Prevention Act of 2004.

SUMMARY

The invention is in various embodiments a system and methodology for facilitating the dispensing of foreign currency from a foreign ATM that provides an alternative to known systems for obtaining foreign currencies. In general, the system comprises the steps of developing software and providing a mobile application (“app”) downloadable to a smartphone that enables a user to open or create a foreign currency account linked to the user's home source account, such as for example a personal bank checking account or a credit card. The user electronically transfers (i.e., “deposits”) funds from the home account to the foreign currency account and designates (i.e., “purchases”) one or more foreign currencies in desired amounts at the exchange rate in effect at the time of designation. When the user is in the foreign country and desires cash in the foreign currency, the user proceeds to any member ATM and enters the required identification through wireless electronic communication, for example via near frequency communication (NFC) to withdraw funds from the ATM in the foreign currency. The user is able to transfer additional funds from the home account to the foreign currency account as needed anywhere cell service or Wi-Fi is available, even while abroad. The user is also able to deposit foreign currency into the foreign currency account prior to leaving the foreign country. In this manner, the user establishes a “virtual” foreign currency account via the mobile app without need for direct contact with a bank or other financial institution maintaining the account.

In alternative terms, the invention is a method of facilitating the dispensing of foreign currency from a foreign ATM to a user traveling in the foreign country, comprising the steps of providing a mobile app to the user accessible by a smartphone, said user having a home source account, said mobile app controlled by a server and in electronic communication with a financial institution maintaining foreign currency accounts, said mobile app enabling said user to create a personal foreign currency account in a designated foreign currency and to transfer funds from said home source account through said mobile app into said foreign currency account, said funds from said home source account being exchanged for said designated foreign currency at the existing exchange rate; said user creating through said mobile app said personal foreign currency account in said designated foreign currency and transferring funds from said home source account through said mobile app into said foreign currency account, said funds from said home source account being exchanged for said designated foreign currency at the existing exchange rate; said user inputting through said mobile app secure information to said foreign ATM and requesting an amount of foreign funds to be dispensed by said foreign ATM, said mobile app being adapted to communicate electronically with said foreign ATM, said foreign funds being dispensed from said foreign ATM to said user only after the identity of said user has been verified and the presence of sufficient funds in said foreign currency account has been verified by communication between said foreign ATM operating entity and financial institution maintaining said foreign currency account, said financial institution subsequently transferring funds from said foreign currency account to said foreign ATM operating entity in equal or greater amount to the foreign funds dispensed by said foreign ATM to said user. The method may further comprise the method wherein said mobile app communicates with said foreign ATM by near frequency communication, and/or the method with said user creating said personal foreign currency account in a first designated foreign currency and creating a second personal foreign currency account in a second designated foreign currency, such that funds are distributed by a foreign ATM in said first designated foreign currency in a first foreign country and funds are distributed by a foreign ATM in said second designated foreign currency in a second foreign country.

Alternatively, the invention is a system facilitating the dispensing of foreign currency from a foreign ATM to a user travelling in the foreign country, comprising a smartphone and a smartphone enabled mobile app, said mobile app in electronic communication with a financial institution maintaining foreign currency accounts, said mobile app enabling said user to establish a personal foreign currency account in said financial institution, transfer funds from a personal home source account to said foreign currency account, said funds being maintained in said foreign currency account in a designated foreign currency, the amount of said designated foreign currency being determined by the exchange rate at the time of transfer of said funds from said personal home account; an international monetary exchange system providing verification protocols and enabling electronic transfer of funds between said foreign currency account and a financial institution operating a foreign ATM; a foreign ATM dispensing funds in said designated foreign currency, said foreign ATM in communication with said smartphone enabled mobile app; whereby said user is able to withdraw funds from said personal foreign currency account through said foreign ATM via communication from said smartphone enabled mobile app.

In another embodiment, the invention is a method and a system wherein the system provider establishes an actual system home account in a home bank or financial institution and actual system foreign accounts in foreign banks or institutions, the system home account being funded in the home bank by participating home users in the home country with deposits of home currency into the system home account, and with each of the system foreign accounts being funded in each foreign bank by participating foreign users in the foreign country with deposits of the foreign currency into the system foreign account. A home user establishes a home token account in the system home account maintained by the system provider by depositing home currency into the system home account, which is then credited in the form of virtual tokens to the home user (e.g., one token for one US dollar), the tokens representing the right to convert the home currency into foreign currencies within the foreign country. To obtain foreign currency from a foreign ATM, the home user requests and receives a virtual debit card from the system provider in the desired amount of foreign currency by spending tokens from a home token sub-account assigned to the desired currency, the number of required tokens being determined by the exchange rate at the time of request (e.g., if one US$ equals 1000 JP¥, then the receipt of 100,000 JP¥ from an ATM in Japan would require the conversion of 100 US tokens). The virtual debit card, operational with a smartphone, is then used at the foreign ATM to obtain an amount of foreign currency less than or equal to the amount of foreign currency present in the virtual debit card, the foreign currency being withdrawn from the system foreign account in the foreign bank (e.g., the home user requests 50,000 J¥ from an ATM in Japan, whereby his home sub-account is reduced by 50 US tokens.

Alternatively, the invention is a method of facilitating the dispensing of foreign currency from a foreign ATM to a user traveling in a foreign country, comprising the steps of establishing a system home account in a home financial institution and establishing system foreign accounts in foreign financial institutions in foreign countries, the system home accounts and system foreign accounts being controlled by a system provider, and wherein the system home account is funded by home users with deposits of home currency and each of the system foreign accounts are funded by foreign users with deposits of foreign currency corresponding to the particular foreign country; providing a mobile app to a home user accessible by a smartphone, said mobile app in electronic communication with said home financial institution, said mobile app enabling said home user to transfer home currency to said system home account; said home user transferring an amount of home currency to said system home account; said system provider creating a home user token account in said system home account having an amount of virtual tokens equal in value to the amount of home currency deposited to said system home account by said home user; said home user requesting a virtual debit card in an amount of foreign currency from one of said foreign countries having one of said system foreign accounts; said system provider creating a home user sub-account and crediting said home user sub-account with the requested amount of foreign currency and debiting from said home user token account the amount of virtual tokens equal in value to said amount of foreign currency calculated at the prevailing rate of exchange at the time of creating said home user sub-account; said system provider delivering to said home user a virtual debit card credited in the amount of foreign currency requested by said home user, said virtual debit card accessible and operational through said mobile app; said home user, once in said one of said foreign countries, inputting through said mobile app secure information to said one of said foreign financial institutions and requesting an amount of foreign currency to be dispensed by said foreign ATM, said mobile app being adapted to communicate electronically with said foreign ATM; said one of said foreign financial institutions communicating with said home financial institution and verifying the identity of said home user and the presence of sufficient funds in said home user sub-account; said one of said foreign financial institutions dispensing said foreign currency from said foreign ATM to said home user only after the identity of said home user has been verified and the presence of sufficient funds in said home user sub-account has been verified; and debiting said foreign currency from said systems foreign account. Furthermore, such method further comprising the steps of said home user, once in said one of said foreign countries, inputting through said mobile app secure information to a non-participating foreign financial institution not having a system foreign account and requesting an amount of foreign currency to be dispensed by a foreign ATM of said non-participating foreign financial institution, said mobile app being adapted to communicate electronically with said foreign ATM of said non-participating foreign financial institution; said non-participating foreign financial institution communicating with said home financial institution and verifying the identity of said home user and the presence of sufficient funds in said home user sub-account; said non-participating foreign financial institution dispensing said foreign currency from said foreign ATM to said home user only after the identity of said home user has been verified and the presence of sufficient funds in said home user sub-account has been verified; and said system provider debiting said foreign currency from said systems foreign account and reimbursing said non-participating foreign financial institution in the foreign currency from said systems foreign account of said one of said foreign financial institutions.

Alternatively still, a method of facilitating the dispensing of foreign currency from a foreign ATM to a user traveling in a foreign country, comprising the steps of establishing a system home account in a home financial institution in a home currency and establishing a system foreign account in a foreign financial institution in a foreign country, said system foreign account being established in the respective foreign currency of said foreign country, the system home accounts and system foreign account being controlled by a system provider; providing a mobile app to a home user accessible by a smartphone, said mobile app in electronic communication with said home country financial institution, said mobile app enabling said home user to transfer home currency to said system home account, whereby said system provider creates a home user token account in said system home account, and virtual home tokens equal in value to the amount of home currency transferred to said system home account are credited to said home user token account; providing a mobile app to a foreign user accessible by a smartphone, said mobile app in electronic communication with said foreign country financial institution, said mobile app enabling said foreign user to transfer foreign currency to said system foreign account, whereby said system provider creates a foreign user token account in said system foreign account, and virtual home tokens equal in value to the amount of foreign currency transferred to said system foreign account are credited to said foreign user token account; whereby said system home account is funded by said home user transferring an amount of home currency to said system home account and said system foreign account is funded by said foreign user transferring an amount of foreign currency to said system foreign account; said system provider creating a home user token account in said system home account having an amount of virtual tokens equal in value to the amount of home currency deposited by said home user; said system provider creating a foreign user token account in said system foreign account having an amount of virtual tokens equal in value to the amount of foreign currency deposited by said foreign user; said home user requesting a virtual debit card in an amount of said foreign currency; said system provider creating a home user sub-account and crediting said home user sub-account with virtual tokens equal to the requested amount of said foreign currency and debiting from said home user token account the amount of virtual tokens equal in value to said amount of said foreign currency calculated at the prevailing rate of exchange at the time of creating said home user sub-account; said system provider delivering to said home user a virtual debit card credited in the amount of said foreign currency requested by said home user, said virtual debit card accessible and operational through said mobile app; said home user, once in said one of said foreign countries, inputting through said mobile app secure information to said foreign financial institution and requesting an amount of foreign currency to be dispensed by said foreign ATM, said mobile app being adapted to communicate electronically with said foreign ATM; said foreign institution verifying said virtual debit card such that said foreign currency is dispensed from said foreign ATM to said home user only after the identity of said home user has been verified and the presence of sufficient funds in said home user sub-account has been verified by communication between said foreign ATM operating entity and said home financial institution maintaining said home user sub-account; and said system provider debiting said foreign currency from said system foreign account. Furthermore, the method further comprising the steps of said home user, once in said foreign country, inputting through said mobile app secure information to a non-participating foreign financial institution not having a system foreign account and requesting an amount of foreign currency to be dispensed by a foreign ATM of said non-participating foreign financial institution, said mobile app being adapted to communicate electronically with said foreign ATM of said non-participating foreign financial institution; said non-participating foreign financial institution communicating with said home financial institution and verifying the identity of said home user and the presence of sufficient funds in said home user sub-account; said non-participating foreign financial institution dispensing said foreign currency from said foreign ATM to said home user only after the identity of said home user has been verified and the presence of sufficient funds in said home user sub-account has been verified; and said system provider debiting said foreign currency from said systems foreign account and reimbursing said non-participating foreign financial institution in the foreign currency from said systems foreign account of said foreign financial institution.

BRIEF DESCRIPTION OF THE DRAWINGS

FIG. 1 is a flow chart illustrating the main points of the system and method.

FIG. 2 is an overview schematic of the system architecture and main functionalities of the mobile app.

FIGS. 3 is an overview schematic of the system architecture and main functionalities of the mobile app with personal foreign currency accounts set up in multiple currencies.

FIG. 4 is an overview schematic of an alternative embodiment of the system and method which utilizes virtual tokens.

DETAILED DESCRIPTION OF THE INVENTION

In general, the invention is a system and methodology in various embodiments that provides an alternative to known systems for obtaining foreign currencies in a foreign country. As used herein, the term “home” shall be used to refer to the home country of the user and will be illustrated herein as the United States, and the term “foreign” shall refer to a non-home country in which the user is travelling and desires to obtain currency of that country from an ATM.

In general, the invention is an interconnected system of Internet-enabled hardware components and interconnected financial entities comprising servers and interconnected communication systems, the system including in this instance enabled and controlled by a mobile software application downloaded onto or accessible from a smartphone or similar portable computing device, that facilitates the dispensing of foreign funds from an ATM. The system and method provide an infrastructure to enable communication between currency exchange system servers and other system components that communicate between member financial institutions in different countries, ATM's in foreign countries, and multiple traveling individuals, as well as initiation and administration of various currency accounts. The system incorporates a mobile application (“app”) in communication with an operational server that enables a user to create a virtual personal foreign currency account in a bank or similar financial institution, participating in the international monetary exchange system, whether one having actual physical facilities or an Internet bank, with the personal foreign currency account linked to the user's personal source account, such as a bank checking account or credit card in the user's home country. The foreign currency account is controlled and accessed by the user through the smartphone app. Necessary information for the home account, such as for example routing number, account number, account type, SWIFT codes, etc., is inputted into the mobile app by the user during initial set-up.

The user via the mobile app electronically transfers (i.e., “deposits”) funds from the home source account to the virtual personal foreign currency account and designates (i.e., “purchases”) one or more foreign currencies in desired amounts. The purchase of foreign currencies is accomplished at the existing exchange rate, such that the funds maintained in the foreign exchange account are in the foreign denomination. For example, a user intending to travel from the US to the UK may decide to designate US$6000 from the home source account to purchase the equivalent value at the time of purchase in British Pounds (GBP). At an exchange rate of 1 GBP=1.5 US$, the foreign currency account is therefore credited with GBP4000 and the US$6000 is deducted from the home source account.

When the user is in the foreign country and desires cash in the foreign currency, in this example GBP, the user proceeds to any ATM participating in the system to withdraw funds in the foreign currency, such as for example GBP200. The user enters the required identification and security information, preferably through wireless electronic communication with the user's smartphone, such as by near field communication (NFC) technology. The financial entity operating or participating through the foreign ATM, such as for example a bank, internet bank, credit companies such as Visa or MasterCard, PayPal, Apple Pay, Google Wallet, etc., verifies the requestor identity and verifies that the requestor has sufficient funds in the foreign currency account to cover the desired withdrawal of funds through normal interbank communications. The foreign ATM dispenses GBP200 to the user and the currency exchange system server then credits to the foreign ATM operating entity GBP200. In actuality a service or transfer fee or surcharge will be added to the amount credited to the foreign operating entity, such as for example a transfer fee of GBP5 as compensation to the ATM operating entity, such that a total for GBP205 is transferred and the foreign currency account now contains GBP3795 (GBP4000 less GBP205).

FIG. 1 illustrates the methodology steps of the system and FIG. 2 illustrates the architecture of the system. In step 100, the user or future traveler 13 establishes, through the mobile app 14 on a smartphone or similar portable computing device, a virtual personal foreign currency account 11 in one or more designated foreign currencies. The foreign currency account 11 is linked via the mobile app 14 to an existing home source account 10, in this case an account in US dollars. In step 110 the user 13 electronically transfers an amount of US dollars to the virtual foreign currency account 11, designating at the time the foreign currency which is to be purchased. The amount of designated foreign currency purchased by the user 13 is then credited to the foreign currency account 11, i.e., the foreign currency account 11 contains funds only in the designated foreign denomination.

When the user 13 travels to a country utilizing the foreign currency contained in the foreign currency account 11 and desires to acquire actual foreign currency from a foreign ATM 12 adapted to communicate with the smart phone mobile app 14 through NFC or the like, the user 13 delivers the account identification information and the necessary secure identification information, such as for example personal identification numbers (PIN's) of passcodes, to the foreign ATM 12 operating entity, as shown in step 120. Alternatively, the system may allow the user 13 to input the account identification information and the necessary secure identification information into the foreign ATM 12 via the ATM keypad.

In step 130, the operating entity of the foreign ATM 12, such as a foreign bank, then communicates through the standard international monetary transfer system with the bank entity maintaining the foreign currency account 11 of the user 13 to verify the user's identity, verify the existence of a foreign currency account 11 in the appropriate foreign currency, and verify that the foreign currency account 11 contains sufficient funds to cover the amount of foreign currency (FC) to be provided to the user 13. If all verifications are obtained, the foreign ATM 12 then dispenses the funds to the user 13.

As shown in step 140, the bank entity maintaining the foreign currency account 11 then electronically transfers the appropriate amount of foreign funds to the entity operating the foreign ATM 12, plus any surcharges or fees, deducting the full amount of foreign funds from the foreign currency account 11, through standard electronic international monetary exchange protocols.

FIG. 3 illustrates a situation wherein a user 13 establishes two foreign currency accounts 10 via the mobile app 14, the first foreign currency designated as FC1 and the second different foreign currency designated as FC2. In this example, when the user 13 is in the first foreign country, the foreign ATM 12 will dispense foreign currency FC1 to the user 13. When the user 13 is in the second foreign country, the foreign ATM 22 will dispense foreign currency FC2 to the user 13. In all other respects the methodology remains the same.

A key advantage to this system is that there are no ongoing exchange rate issues no matter when or how often the user obtains the foreign currency, since the virtual foreign currency account possesses the foreign currency amount determined at the exchange rate at the time of creation and designation into the foreign currency account.

In a second example, the user may create multiple foreign currency accounts and designate multiple associated foreign currencies. For example, the user may designate one amount of US dollars for GBP and another amount of US dollars for Euros, the foreign currency accounts being maintained separately in the system. The user can then withdraw GBP while in the UK and Euros while in mainland Europe. The foreign currencies are segregated, meaning that transfers cannot be effected from one foreign currency to another, such as Euros for GBP.

The user is able through the smartphone mobile app to transfer additional funds from the home source account to the foreign currency account as needed even while abroad. The user is also able to deposit foreign currency back into the foreign currency account prior to leaving the foreign country, such that the foreign currency is credited into the foreign currency account and can later be converted into US dollars for withdrawal in the home country if desired.

The currency exchange system and app may provide multi-functionality in addition to the basic account management functions of initial sign-up and subsequent log-in and currency transfer. The mobile app may also preferably provide an ATM locator (via GPS, GPRS or Wi-Fi), means to contact the system operators and means to provide feedback.

Furthermore, in additional embodiments the system and methodology may be utilized to obtain foreign currency by direct interaction with foreign bank personnel or to obtain goods or services via point-of-sale (POS) systems.

An alternative embodiment for the method and system of the invention is illustrated in FIG. 4. In this embodiment, a system provider 200 establishes 401 an actual system home account 201 in a home bank or financial institution and actual system foreign accounts 202A, B, . . . in foreign banks or institutions, the system home account 201 being funded in the home bank by participating home users 300 in the home country with deposits of home currency into the system home account 201, and with each of the system foreign accounts 202 being funded in each foreign bank by participating foreign users 310 in the foreign country with deposits of the foreign currency into the system foreign account 202. For example, with the US being designated the home country, the system provider 200 establishes a system home account 201 in a US bank, funded in US dollars. Initial funding for the system home account 201 is provided by the system provider 200, but eventually the system home account 201 is funded by home users 300 participating in the system.

Concurrently with the system home account 201, system foreign accounts 202A, B, . . . are established by the system provider 200 in foreign banks or financial institutions in foreign countries. Additional system foreign accounts 202X, Y, . . . may be subsequently created to broaden the scope of the system into additional foreign countries. As with the system home account 201, initial funding for the system foreign account 202 is provided by the system provider 200, but eventually the system foreign account 201 is funded by foreign users 310 participating in the system from the foreign country.

A home user 300 establishes a home token account 301 created and maintained by the system provider 200 by depositing 402 home currency into the system home account 201, which is then credited to the home token account 301 in the form of virtual tokens issued to the home user 300. Alternatively expressed, the home user 300 is purchasing virtual home tokens, the virtual home tokens representing the right to convert the home currency into foreign currencies obtainable within the foreign country. Thus, for example, a US-based home user 300 might deposit $1000 into the system home account 201 in exchange for 1000 US tokens (one token being equal to one US$), which are maintained on record in the home user's home token account 301 created 403 by the system provider 200. The term “home user” as used herein is representative of multiple home users, as the system and method requires multiple deposits of home currency funds. Concurrently, a first foreign user 310A establishes a foreign token account 311A tied to a first system foreign account 202A maintained by the system provider 200 in the first foreign country by depositing 402A first foreign country currency into the first foreign country system foreign account 202A, which is then preferably credited in a first foreign country foreign token account 311A, maintained by the service provider 200, in the form of tokens issued to the foreign user 310A. For example, with a system foreign account 310A established by the system provider 200 in a Japanese bank, a Japanese national might establish a foreign token account 311A by depositing 500,000 JP¥ (Yen) into the first foreign country system foreign account 202A in exchange for 500,000 JP tokens (each Yen token equal to one JP¥). Note that from the perspective of the Japanese national, Japan is the “home” country and the US and France, for example, would be “foreign” countries. The term “first foreign user” as used herein is representative of multiple foreign users, as the system and method requires multiple deposits of foreign funds.

Likewise, a second foreign user 310B establishes a foreign token account 311B tied to a second system foreign account 202B maintained by the system provider 200 in the second foreign country by depositing 402A the second foreign country currency into the second foreign country system foreign account 202B, which is then preferably credited in a second foreign country foreign token account 311B, maintained by the service provider 200, in the form of tokens issued to the foreign user 310B. For example, with a system foreign account 310B established in a French bank, a French national might establish a foreign token account 311B by depositing 500 € (Euros) into the second foreign country system foreign account 202B in exchange for 500 Euro tokens (each Euro token equal to one €). Note that from the perspective of the French national, France is the “home” country and the US and Japan, for example, would be “foreign” countries. The term “second foreign user” as used herein is representative of multiple foreign users, as the system and method require multiple deposits of foreign funds.

The system provider 200 partners with a worldwide debit card provider, such as Visa or Mastercard, whereby the service provider 200 is able to provide a virtual debit card linked to a sub-account 302/312 associated with a particular home user 300 and a particular foreign currency, and which is linked to a particular system foreign account 202. The sub-account 302/312 may take the form of a 16-digit account number that allows withdrawal of funds from a particular system foreign account 202, but only up to the amount loaded onto the virtual debit card.

To obtain foreign currency from a foreign ATM, the home user 300 requests 404 from the service provider 200 a particular foreign currency amount that is desired to be obtained when the home user 300 is in the foreign country. The home user token account 301 is debited 405 and the system provider 200 creates 406 a home user sub-account 302 associated with the home user 300 and the particular system foreign account 202 in the chosen foreign country, the home user token account 301 being debited the number of virtual tokens equal to the desired amount of foreign currency at the time of creation of the home user-sub-account 202 and transfer of tokens, at the current exchange rates. The home user 300 then receives a virtual debit card from the system provider 200 loaded in the desired amount of foreign currency. To withdraw the money, the home user 300 presents 407 the virtual credit card at a foreign bank ATM, the account information being transferred for example by near field communication (NFC) technology, the foreign bank verifies 408 the virtual debit card and amount, debits 409 the system foreign account 202 and delivers the foreign currency to the home user 300.

For example, a US home user 300 traveling to Japan may request a virtual debit card loaded with 30,000 JP¥. If at the exchange rate current at the time of this request 30,000 JP¥ equal US$282, then the home user 300 is exchanging or converting 282 US tokens from his/her home token account 301. The system provider 200 reduces the home user home token account 301 by 282 tokens, credits the home user sub-account 302 with 30,000 JP¥ and issues a virtual debit card with a unique 16-digit account number to the home user 300 in the amount of 30,000 JP¥, the virtual debit card being associated with a Japanese system foreign account 202A. The US home user 300 may now obtain Yen in Japan at an ATM or bank in which the Japanese system foreign account 202A is maintained by providing via the smartphone the virtual debit's card unique 16-digit account number and requesting an amount of Yen. After confirmation that the 16-digit account number and home user sub-account 302 is valid, and that there are sufficient funds (in Yen) loaded onto the virtual debit card to cover the amount of Yen requested, the desired amount of Yen is withdrawn from the Japanese system foreign account 202A and delivered to the traveling US home user 300 through the ATM. Furthermore, the US home user may obtain Yen from a non-participating financial institution in similar manner, (i.e., a financial institution not having a system foreign account 202A) with the non-participating Japanese financial institution being directly reimbursed in Yen transferred from the Japanese system foreign account 202A of the participating foreign institution.

Because the US$ to JP¥ exchange rate at the time of creation of the home user sub-account 302 was used to determine the number of tokens for equivalency at the time system provider 200 established the home user sub-account 302 for the home user 300, it is immaterial when or how often the home user 300 obtains JP¥ as the Japanese system foreign account 202A receives deposits only in JP¥ from foreign users 310A establishing their foreign token accounts 311A. In other words, the equivalent monetary values for each currency exchange has already been set. Additionally, the reimbursement of WY provided to the home user 300 from a non-participating institution is a JP¥ to JP¥ transaction, such that again there are no concerns for fluctuation in exchange rates over time.

Similarly, if the US home user 300 then travels to France and has obtained a home user sub-account 302B from the service provider 200 and a virtual debit card loaded in Euros, by exchanging or spending the necessary amount of US tokens from the home user token account 301 dependent upon the exchange rate at the time of the request, he/she may withdraw Euros from a French ATM in the same manner.

Should the home user 300 have excess Yen or Euros remaining on the virtual debit card after returning to the US, he/she may re-convert the foreign currencies into US tokens deposited into the home user token account 301 at the exchange rate at the time of re-conversion. The system works in similar manner for a foreign user 310 traveling in the US, for example.

In commerce, the system provider 200 will establish transaction fees for each home user sub-account 302 as it is created, which will be debited from the home user's system home account 201. Likewise, foreign institutions will be able to charge transaction fees for the ATM withdrawals.

The tokens may be fractionalized as needed to provide for exact currency exchanges. The tokens are not transferable by the home or foreign users 300/310. The virtual debit card may be used at any ATM in the same manner that a physical debit card issued by one bank may be used to withdraw cash from the ATM of another bank.

It is understood and contemplated that substitutions and equivalents for certain steps, elements, architectural components and the like described above may be obvious to those with skill in the art, and therefore the true scope and definition of the invention is to be as set forth in the following claims. 

I claim:
 1. A method of facilitating the dispensing of foreign currency from a foreign ATM to a user traveling in a foreign country, comprising the steps of: establishing a system home account in a home financial institution and establishing system foreign accounts in foreign financial institutions in foreign countries, the system home accounts and system foreign accounts being controlled by a system provider, and wherein the system home account is funded by home users with deposits of home currency and each of the system foreign accounts are funded by foreign users with deposits of foreign currency corresponding to the particular foreign country; providing a mobile app to a home user accessible by a smartphone, said mobile app in electronic communication with said home financial institution, said mobile app enabling said home user to transfer home currency to said system home account; said home user transferring an amount of home currency to said system home account; said system provider creating a home user token account in said system home account having an amount of virtual tokens equal in value to the amount of home currency deposited to said system home account by said home user; said home user requesting a virtual debit card in an amount of foreign currency from one of said foreign countries having one of said system foreign accounts; said system provider creating a home user sub-account and crediting said home user sub-account with the requested amount of foreign currency and debiting from said home user token account the amount of virtual tokens equal in value to said amount of foreign currency calculated at the prevailing rate of exchange at the time of creating said home user sub-account; said system provider delivering to said home user a virtual debit card credited in the amount of foreign currency requested by said home user, said virtual debit card accessible and operational through said mobile app; said home user, once in said one of said foreign countries, inputting through said mobile app secure information to said one of said foreign financial institutions and requesting an amount of foreign currency to be dispensed by said foreign ATM, said mobile app being adapted to communicate electronically with said foreign ATM; said one of said foreign financial institutions communicating with said home financial institution and verifying the identity of said home user and the presence of sufficient funds in said home user sub-account; said one of said foreign financial institutions dispensing said foreign currency from said foreign ATM to said home user only after the identity of said home user has been verified and the presence of sufficient funds in said home user sub-account has been verified; and debiting said foreign currency from said systems foreign account.
 2. The method of claim 1, further comprising the steps of: said home user, once in said one of said foreign countries, inputting through said mobile app secure information to a non-participating foreign financial institution not having a system foreign account and requesting an amount of foreign currency to be dispensed by a foreign ATM of said non-participating foreign financial institution, said mobile app being adapted to communicate electronically with said foreign ATM of said non-participating foreign financial institution; said non-participating foreign financial institution communicating with said home financial institution and verifying the identity of said home user and the presence of sufficient funds in said home user sub-account; said non-participating foreign financial institution dispensing said foreign currency from said foreign ATM to said home user only after the identity of said home user has been verified and the presence of sufficient funds in said home user sub-account has been verified; and said system provider debiting said foreign currency from said systems foreign account and reimbursing said non-participating foreign financial institution in the foreign currency from said systems foreign account of said one of said foreign financial institutions.
 3. A method of facilitating the dispensing of foreign currency from a foreign ATM to a user traveling in a foreign country, comprising the steps of: establishing a system home account in a home financial institution in a home currency and establishing a system foreign account in a foreign financial institution in a foreign country, said system foreign account being established in the respective foreign currency of said foreign country, the system home accounts and system foreign account being controlled by a system provider; providing a mobile app to a home user accessible by a smartphone, said mobile app in electronic communication with said home country financial institution, said mobile app enabling said home user to transfer home currency to said system home account, whereby said system provider creates a home user token account in said system home account, and virtual home tokens equal in value to the amount of home currency transferred to said system home account are credited to said home user token account; providing a mobile app to a foreign user accessible by a smartphone, said mobile app in electronic communication with said foreign country financial institution, said mobile app enabling said foreign user to transfer foreign currency to said system foreign account, whereby said system provider creates a foreign user token account in said system foreign account, and virtual home tokens equal in value to the amount of foreign currency transferred to said system foreign account are credited to said foreign user token account; whereby said system home account is funded by said home user transferring an amount of home currency to said system home account and said system foreign account is funded by said foreign user transferring an amount of foreign currency to said system foreign account; said system provider creating a home user token account in said system home account having an amount of virtual tokens equal in value to the amount of home currency deposited by said home user; said system provider creating a foreign user token account in said system foreign account having an amount of virtual tokens equal in value to the amount of foreign currency deposited by said foreign user; said home user requesting a virtual debit card in an amount of said foreign currency; said system provider creating a home user sub-account and crediting said home user sub-account with virtual tokens equal to the requested amount of said foreign currency and debiting from said home user token account the amount of virtual tokens equal in value to said amount of said foreign currency calculated at the prevailing rate of exchange at the time of creating said home user sub-account; said system provider delivering to said home user a virtual debit card credited in the amount of said foreign currency requested by said home user, said virtual debit card accessible and operational through said mobile app; said home user, once in said one of said foreign countries, inputting through said mobile app secure information to said foreign financial institution and requesting an amount of foreign currency to be dispensed by said foreign ATM, said mobile app being adapted to communicate electronically with said foreign ATM; said foreign institution verifying said virtual debit card such that said foreign currency is dispensed from said foreign ATM to said home user only after the identity of said home user has been verified and the presence of sufficient funds in said home user sub-account has been verified by communication between said foreign ATM operating entity and said home financial institution maintaining said home user sub-account; and said system provider debiting said foreign currency from said system foreign account.
 4. The method of claim 3, further comprising the steps of: said home user, once in said foreign country, inputting through said mobile app secure information to a non-participating foreign financial institution not having a system foreign account and requesting an amount of foreign currency to be dispensed by a foreign ATM of said non-participating foreign financial institution, said mobile app being adapted to communicate electronically with said foreign ATM of said non-participating foreign financial institution; said non-participating foreign financial institution communicating with said home financial institution and verifying the identity of said home user and the presence of sufficient funds in said home user sub-account; said non-participating foreign financial institution dispensing said foreign currency from said foreign ATM to said home user only after the identity of said home user has been verified and the presence of sufficient funds in said home user sub-account has been verified; and said system provider debiting said foreign currency from said systems foreign account and reimbursing said non-participating foreign financial institution in the foreign currency from said systems foreign account of said foreign financial institution. 